A Regional Report – August 2022 Market Update
With every season, there are different property trends to emerge. These tend to change gradually over time, but can be more pronounced when there are social, political, or financial implications. The pandemic, for example, has caused some of the biggest shifts I’ve witnessed in my years as an estate agent.
The first biggest change we saw was early in 2020 after the first lockdown, when nearly every new buyer registering their requirements with DOMVS estate agents in Wareham was looking for additional office space or a larger garden. A lack of either of these was very much a motivator for selling up and moving house locally. More recently however, we have seen a new trend emerge, so strongly, that it has featured as a requirement for roughly 55 per cent of recent registrations for new properties – and that’s homes with income potential.
AIR BNB EFFECT
The ‘AirBnB effect’ has firmly taken hold and it’s no surprise, given how attractive Wareham, and the surrounding Purbeck area, is to holiday makers. A rise in domestic holidays, in response to the pandemic, has also contributed to Dorset’s appeal, and house-buyers are keen to capitalise on this opportunity and invest in homes with income potential. This includes both local buyers and those relocating to Dorset from London; with the latter tending to be more amenable to a shared-home lifestyle. Today’s buyers realise that by stretching their borrowing power, they could more than pay for the increased repayments when the anticipated income potential is taken into consideration from say, an annex, outbuilding, or land for a shepherd hut, for example.
As is often the case, the property market has responded to demand, and we’re currently in the process of selling a variety of properties that would suit the new trend of seeking homes with income potential. In fact, almost half of our available homes come with income potential. One such property is Limekiln House, which has been treated as a self-catering holiday accommodation offering great income potential.
As featured in the The Negotiator: Regional Report (Trisha Ashby-Rudd)